The Association of Real Estate Agents in Alicante (API) envisions a promising year for the real estate market in the province of Alicante in 2024. Despite national expectations of a slowdown, Alicante stands firm in this sector, and the Association anticipates figures similar to the previous year.
In comparison to 2023, Alicante's real estate professionals assert that the region has showcased its resilience in the real estate market, with only a slight decrease of 0.3% in property transactions during the first ten months of 2023, in contrast to the national average decline of 8.7%. According to statistics from the National Institute of Statistics (INE), 42,320 homes were sold in the province of Alicante from January to October this year, compared to 42,450 sold in the same period in 2022. Additionally, the significant contribution of Alicante's real estate market to the Comunitat Valenciana is noteworthy, with a market share of 50.39% in the third quarter of 2023.
Marifé Esteso, the president of the Association of Real Estate Agents in Alicante, attributes this strength to various factors, such as the popularity of Alicante as a second home for summer vacations and the rise of remote work, which has attracted foreign nationals, including retirees, to the region. In fact, more than 43% of property transactions are conducted by foreign nationals, many of whom choose Alicante for their retirement.
It's worth noting that Forbes has named Alicante the second-best city in the world to live in, based on a survey of 12,000 citizens from 177 nationalities and residents in 181 countries. Another indicator of the region's strength is its population growth, which leads the country with a 2.5% increase in the last year.
In conclusion, it can be confidently stated that in 2024, Alicante will remain an ideal region for property purchase, both for residence and investment.
